So your council has been self-managing your strata, and now you’re ready to hire a strata management company. Good decision! At first, you feel relief and then...panic sets in.
This is a big decision. How do you go about finding a reputable company that will dedicate itself to ensuring the safety and happiness of you and your neighbours? Well, this quick guide should help. Here are four key things to look for in an excellent strata management company.
1. Bigger is better.
Smaller strata management tend to think that a tiny company means more personalized attention. This is not necessarily the case. Larger strata management companies have more experience and formal procedures in place to limit the size of their strata managers’ portfolios to provide that desired personalized attention. In addition, larger management companies are able to offer the backing of global resources and decades of local industry expertise. The truth is, big companies become big because they successfully deliver proven solutions and programs, and they know how to succeed on behalf of the stratas they represent. So go ahead and look to an industry leader – you deserve it.
2. Look for bulk.
The best strata management company will have the power to purchase in bulk, and then pass those savings on to you. That means your council could enjoy renegotiated contracts with vendors, insurance companies and maintenance crews that result in significant budget-saving differences.
3. Financials matter.
A great strata management company will be focused on your finances, providing detailed monitoring, management and reporting services. They’ll seamlessly handle accounts payables/receivables, financial statements, forecasting, budgeting, payments, collections and beyond.
4. Future focused.
You’ll want to choose a strata management company that is focused on your future. That means ensuring the long-term growth of your trust funds.
Making the right decision about your strata management company is easy if you remember these four factors. If your management firm satisfies these requirements, you’re sure to have a successful relationship. For more on choosing the right management company for your strata, contact FirstService Residential, British Columbia’s leading strata management company.